The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of a decrease in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically decreased by formula as a result of the Board’s primary credit rate action. The final rule is effective August 12, 2019 (Regulation A, Docket R-1671), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on August 1, 2019.

The Board is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORR is 2.10 percent and IOER is 2.10 percent, a 0.25 percentage point decrease from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the federal funds rate into the target range established by the Federal Open Market Committee. The final rule is effective August 12, 2019 (Regulation D, Docket R-1672), the same day it was published in the Federal Register. The IORR and IOER rate changes were applicable on August 1, 2019.

The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC) (collectively, “the federal banking agencies”), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued on July 22, 2019, Joint Statement on Risk-Focused Bank Secrecy Act/Anti-Money Laundering Supervision to emphasize their risk-focused approach to examinations of banks’ Bank Secrecy Act/anti-money laundering (BSA/AML) compliance programs. More... The statement is intended to improve transparency in the federal banking agencies’ risk-focused approach for planning and performing BSA/AML examinations and does not establish new legal or regulatory requirements, nor does it establish new supervisory expectations (Department of the Treasury, Financial Crimes Enforcement Network at 3-1873.5).

The Board, the Commodity Futures Trading Commission, the FDIC, the OCC, and the Securities and Exchange Commission are adopting final rules to amend the regulations implementing the Bank Holding Company Act’s prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds (commonly known as the Volcker Rule) in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). More... The EGRRCPA amendments and the final rules exclude from these prohibitions and restrictions certain firms that have total consolidated assets equal to $10 billion or less and total trading assets and liabilities equal to 5 percent or less of total consolidated assets. The EGRRCPA amendments and the final rules also revise the restrictions applicable to the naming of a hedge fund or private equity fund to permit an investment adviser that is a banking entity to share a name with the fund under certain circumstances. The final rule is effective July 22, 2019 (Regulation VV, Docket R-1643), the same day it was published in the Federal Register.

Pursuant to the provisions of the Privacy Act of 1974, notice was given that the Board proposes to modify existing system of records BGFRS-12 “FRB—Bank Officers Personnel System,” which contains personal information about Federal Reserve Bank officers. More... This system of records is used by the Human Resources Section within the Board’s Division of Reserve Bank Operations and Payment Systems to assist the Board in its oversight of the Federal Reserve Banks including reviewing Reserve Bank compliance with the Federal Reserve Administration Manual through on-site reviews and off-site monitoring. The modified system of records became effective after the comment period closed on August 29, 2019 (Rules Regarding Access to Personal Information under the Privacy Act of 1974, Systems of Records of the Federal Reserve System). The modified system of records was published in the Federal Register on July 30, 2019.

The Board and the Consumer Financial Protection Bureau (CFPB) jointly issue regulations under sections 603(d)(1), 604, 605, and 609(a) of the Expedited Funds Availability Act (EFA Act) (12 U.S.C. 4002(d)(1), 4003, 4004, 4008(a)) that are codified within Regulation CC (12 CFR 229). More... The agencies are amending Regulation CC to implement a statutory requirement in the EFA Act to adjust the dollar amounts under the EFA Act for inflation. The agencies are also amending Regulation CC to incorporate the EGRRCPA amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam, and making certain other technical amendments. The final rule is effective September 3, 2019 (Regulation CC and Consumer Financial Protection Bureau, Regulation DD, Docket R-1637) and was published in the Federal Register on July 3, 2019.